The latest stats are out – and we are seeing a slight shift in the market from last month’s numbers. For example, looking at Pinellas County – we had a .7 month supply last month and crept up slightly to .9 months supply. Still very, very much a seller’s market (6 months is considered a balanced market and more than that is considered a buyer’s market) but a slight increase in inventory is badly needed! Now as for pricing – last month’s average home sale price was $580,000 – and this month it’s $583,000 – so prices still climbing albeit not as dramatically as we’ve seen in the past. Last month Pinellas had 1,190 home sales and this month 1,094 homes sold. So that number dropped slightly which could be A) the fact that interest rates have risen a bit, or B) the fact that we still have really low inventory and not enough homes to choose from. Homes are still going under contract in under a week’s time.
As I said in last month’s piece, I do not think Florida will see the same kind of recession that other parts of the country might. Our numbers are still high. I am, however, starting to see some price reductions in our market, especially on $1,000,000+ homes. I think some sellers listed at “pie in the sky” high prices thinking that they just might sell for their dream price, and the market is starting to say otherwise. Time will tell.